First up, the long term chart. Read the notes in Green and Orange. From this view, the case can be made for a continued rally. But I think the evidence points more strongly to Primary Wave 2 (bullish correction) being complete.

Next is the count off the bottom. The IYR count is very corrective in nature. There are impulses where you expect C legs and in some of the A's. But overall it is a very corrective move. Also, per streetflame's request, I am showing the performance of KIE, KBE, and KCE. None are looking particularly strong at the moment. Insurance is holding up the best. And per my last post on finanicials, I think the are showing the most intermediate term weakness.

Here is a count since November. Based on this, I can count a pretty clean double three. Based on this, Primary 2 for IYR looks like it is done

Here is my micro count since the peak. I can count an impulse down and 2 looks like it is shaping up to be a deep retrace expanded flat (2's are usually zigzags, but they are more often deep retraces. Since this flat looks like it will be a deep retrace, having a flat in this position doesn't bother me)